“Diageo has an enviable position, by geography, by brand and by category range, in an attractive consumer market place with strong long term growth drivers.

He added: “This year we made further changes to build strong, sustained performance including embedding our sell out discipline, improving cash conversion and strengthening our route to consumer.

“We have consistently applied a long term perspective in making these changes, despite the short term challenges we have faced from an external environment where currency volatility continues to impact the emerging market consumer.”